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Prettys advises on corporate structuring for new healthcare Innovation Partnership

Our corporate team, working on behalf of investment firm Acorn Partners Ltd, has advised on the corporate structuring for a new Innovation Partnership involving Alder Hey Children’s NHS Foundation Trust, investment management firm Deepbridge Capital and innovation company We Are Nova.

Called the Acorn Innovation Factory, the company has been established to rapidly evaluate, mould, develop and commercialise a range of ideas and initiatives which has a market in the wider heath care sector.

In order to establish the partnership, Prettys’ client team led by partner, Jon Bloor, prepared a range of investor and service agreements as well of a suite of legal documents which creates a ‘special purpose vehicle’ to fund the new organisation and enable it to enter into joint ventures with new innovation companies. In addition, Prettys IT and Digital specialists advised on issues around intellectual property.

Commenting on the partnership, Acorn Partners managing director Andy Davidson, said: "I am delighted that all of Acorn Partners suppliers have delivered such professional and quality services in such a short time frame. Acorn is now in a position to fund and develop new digital products across the NHS, that will ultimately support better patient care."

Jon Bloor, Prettys said: “Preparing the legal structure for the Acorn Innovation Factory has involved a combination of traditional as well as specialised IT and digital legal issues. The robust structure will allow the partnership to progress with their ambition of funding new and exciting technology innovations for the benefit of the healthcare sector.”

Savvas Neophytou, Deepbridge said, “The team at Pretty's worked efficiently to facilitate the transaction. At Deepbridge Capital we specialise in providing funding to businesses in the life sciences and med–tech sectors. We are delighted to be working hand-in-glove with industry experts at Alder Hey and execution partner at We Are Nova. The product of our efforts should result in better health for children and more efficient operations for those that care for them. Facilitating innovation is part of our DNA and this venture allows us to tackle healthcare related problems with a unique approach, reducing risk and enhancing commercial prospects. Deepbridge Capital LLP products enable investors to potentially benefit from generous tax reliefs available via the Seed Enterprise Investment Scheme."